Join CDFA for Our Upcoming Intro Tax Increment Finance Course!
Register for CDFA's Intro Tax Increment Finance Course taking place on June 14-15 to learn the guiding principles and appropriate application of TIF. Our panel of expert speakers will discuss TIF deal-making and best practices highlighted by projects from around the country.
White House Celebrates Small Business Week and Releases SSBCI Report
In honor of National Small Business Week, the Biden-Harris Administration released a report detailing how the American Rescue Plan's (ARP) State Small Business Credit Initiative (SSBCI) is supporting small businesses across the country, focusing on access to capital for small manufacturers. The Treasury Department has approved 52 out of 56 state and territory applications for SSBCI totaling over $8 billion in allocations, and programs have already begun supporting small businesses.
U.S. Treasury Holds SSBCI All Jurisdiction Quarterly Meeting
The U.S. Department of the Treasury held its quarterly State Small Business Credit Initiative (SSBCI) All Jurisdiction meeting and provided updates on the SSBCI Capital Program, Technical Assistance Grant Program, outreach efforts, work groups, and compliance.
Nevada Companies Receive Angel Investments Under SSBCI
Operated by StartUpNV, a nonprofit incubator and accelerator for Nevada-based startup companies, held its finale where the grand prize investment of $200,000 was awarded to Adaract, a startup that creates high performance artificial muscle actuators for stronger, lighter, and smaller motion solutions in prosthetics, robotics, aerospace, and more. The AngelNV investment is matched by SSBCI funds administered for a total investment of $400,000.
Virginia Invests SSBCI Funds in Workplace Emergency Savings Program
Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), announced SSBCI fund investment in Sunny Day Fund Solutions, a platform designed to help organizations attract and retain employees with employer-rewarded emergency savings. Sunny Day Fund will use this investment to bring financial benefit to more organizations nationwide and release new financial capabilities for employee participants.
Virginia Invests SSBCI Funds in AI Product for Mild Brain Injury Diagnoses
Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), announced an SSBCI fund investment in BRAINBox Solutions, which provides comprehensive solutions to those with a traumatic brain injury. BRAINBox will use this investment to complete its initial clinical study supporting its FDA submission and commercial launch.
U.S. Department of the Treasury Releases SSBCI TA Program Guidelines
The U.S. Department of the Treasury released the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program guidelines.
South Dakota Business Receives $3M Loan under SSBCI
A Sioux Falls-based business has received approval for a $3 million government-funded loan. The South Dakota Board of Economic Development okayed the financing for EBC Holdings, doing business as Engineered Truss Systems. The funding, known as SD WORKS, originated from the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI).
Oregon to Invest SSBCI Funds in Black Founders Matter Fund
The BFM Fund (Black Founders Matter), an Oregon founded seed-stage venture fund focused on Black and innovative founders, is slated to receive one of the largest investment awards that Oregon Community Foundation has given a Portland-based investment fund. Authorized to receive both public and private funds since 2020, The BFM Fund is leveraging this award of private capital to win federal dollars from the State Small Business Credit Initiative (SSBCI) Program.
Iowa EDA Approves SSBCI Funds for Three Startups
The Iowa Economic Development Authority (IEDA) announced innovation funding for three startups through Iowa's State Small Business Credit Initiative (SSBCI). Continuum Ag provides farmers with a digital roadmap for soil health success. TopSoil, their proprietary software, helps farmers profit from the regenerative practices they implement on their farms. The company received a $250,000 Innovation Acceleration Launch Fund loan for key personnel and IP development and evaluation.
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